2015 Michigan Compiled Laws
Chapter 120 - Port Districts
Act 639 of 1978 HERTEL-LAW-T. STOPCZYNSKI PORT AUTHORITY ACT (120.101 - 120.130)
Section 120.106 Bond of secretary-treasurer.
120.106 Bond of secretary-treasurer.
Sec. 6.
Before the issuance of any bonds, notes, or other evidences of indebtedness under this act, the secretary-treasurer of an authority shall execute a bond in the penal sum of $100,000.00, conditioned upon the faithful performance of the duties of the office and executed by a surety company authorized to transact business in this state as surety. The bond shall be filed in the office of the secretary of state. The premium of the bond shall be a current expense of the authority.
History: 1978, Act 639, Imd. Eff. Jan. 11, 1979
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